How to complain when you are the guarantor for a loan
If you are a guarantor for a loan you can ask to be removed as the guarantor: if you couldn’t afford to repay the loan without difficulty; or you were pressured into becoming the guarantor; or you...
View ArticleHow the borrower of a guarantor loan can complain
Amigo and other guarantor loans are very expensive and the lender often doesn’t check properly that you will be able to manage the loan repayments without having to borrow more. If proper checks would...
View Article83% of guarantor loan cases won at Financial Ombusdman
The Financial Ombudsman (FOS) complaint statistics for April-Jun 2019 have just been published, see Product Complaints Data. For guarantor loans, FOS decided in favour of the consumer in 83% of cases....
View Article“I have a CCJ from Amigo – is it too late to complain?”
A reader asked: I agreed to be the guarantor for a loan for a friend, but he lied to me and couldn’t pay it. Amigo were very difficult, wanting me to stop paying other debts so I could pay them, and...
View ArticleCan guarantor loans be included in DRO / IVA / bankruptcy ?
A reader asked: I have 5k debts and I’m now on ESA. I’m also a guarantor for my mum’s Amigo loan – could that be included in a Debt Relief Order (DRO)? There are three types of personal insolvency in...
View ArticleAmigo have only offered a partial refund – what should I do?
In the last few weeks, several readers have been offered a “partial uphold” by Amigo. Here are some examples: Amigo only accepted my complaint about the first and final loans which were both relatively...
View ArticleGuarantor loans – more refunds being paid!
In May 2019, adjudicators at the Financial Ombudsman (FOS) made several dozen decisions upholding affordabilty complaints by people with Amigo loans. Amigo has accepted all these decisions and has paid...
View ArticleOmbudsman – Amigo did not check properly that a borrower could afford the loan
The Financial Ombudsman (FOS) has recently published its decision on Miss G’s complaint against Amigo. This FOS decision criticised Amigo’s inadequate assessment of Miss G’s income and expenses. It...
View ArticleWhy the Ombudsman released a guarantor from a loan
The Financial Ombudsman (FOS) has recently published two important decisions about guarantor loans, one where a borrower complained and one where the guarantor complained. I have covered the borrower...
View ArticleBuddy Loans administration – no money for cash refunds
Advancis Ltd, trading as Buddy Loans, went into administration on 7 September 2021. Buddy Loans was a small guarantor lender. Its loans were typical of the UK guarantor market – between £1,000 and...
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